Shiba Inu Price Set to 2x Soon: Key Levels, Patterns to Watch

Shiba Inu (SHIB) has been on a strong run, increasing by 21% in just one week and 73% since November. As the crypto market rallies this December, SHIB looks set for even more growth. Analysts believe Shiba Inu could double its value in the near future, making this a crucial moment for the meme coin.

Key Resistance: Will SHIB Break Through?

Currently, SHIB is facing a key resistance level around $0.00003050, and how it responds will be closely watched. Well-known crypto analyst Shib Knight has pointed out that SHIB’s chart is forming a bullish “cup and handle” pattern—a strong signal that the price could rise.

If SHIB manages to break through this resistance, it could surge to over $0.000045, which represents an 83% rally. This type of sharp upward movement often follows periods of steady consolidation.

In addition to the chart pattern, SHIB’s price chart also shows a Golden Cross, a pattern that typically signals a bullish trend. The 50-day and 200-day exponential moving averages (EMAs) are aligning in a bullish crossover, which supports the possibility of SHIB’s price gaining momentum in the days ahead.

Shiba Inu Grows In Popularity

Shiba Inu’s popularity is growing rapidly, with 7,548 new wallets created in the past week alone. Key address metrics have shown significant increases as well. Data from Santiment reveals that new addresses are up by 62.54% and active addresses have risen by 57.88%.

This growing interest suggests Shiba Inu may continue to rise in popularity, which could help fuel future gains.

Whale Burn 2.022 Billion Shib Token

In addition to this, an anonymous whale burned over 2 billion SHIB tokens, pushing the burn rate up by more than 3,160%. This reduction in supply could also contribute to the price rally, especially as Shib’s price is trying to recover and break above the $0.00003 level after dropping from $0.00003316 on Dec 02.

With growing interest and more coins being burned, Shiba Inu might soon double its price if it breaks through key resistance points.

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